Oil prices down from record peaks

In early morning trade Asian trade, New York's main oil futures contract, light sweet crude for July delivery, rose nine cents to USD 130.90 per barrel.

The benchmark contract closed at USD 130.81 a barrel on Thursday, a drop of USD 2.36 from Wednesday's record close at USD 133.17.

London's Brent North Sea crude for July delivery settled at USD 130.51 a barrel on Thursday. It had dropped USD 2.19 at the close.

Both benchmark futures contracts earlier struck all-time highs on concerns about tight supplies -- New York's at USD 135.09 and Brent at USD 135.14.

"The oil price fell back from earlier highs last night influenced by profit-taking," David Moore, a commodity strategist at the Commonwealth Bank of Australia, said in a report.

Source: By DDNEWS